The record seven-year, $175 extension was first reported by USA Today this past Thursday, but it hit a snag over the weekend after a physical turned up concerns about Hernandez’s pitching elbow. About that time, Hernandez announced that he would reverse course and not pitch for Venezuela in the World Baseball Classic next month.

Through it all, the Mariners expressed hope that a deal would get done, and general manager Jack Zduriencik announced today that indeed is the case.On Wednesday, there will be a news conference to make the deal, which incorporates the $39.5 million owed to Hernandez in the next two seasons, official.

Hernandez, 26, went 13-9 with a 3.06 ERA and 223 strikeouts in 33 starts (232 innings) last season. He also threw a perfect game, striking out 12 batters, against the Tampa Bay Rays in August.

The 2010 AL Cy Young Award winner is 98-76 with a 3.22 ERA in his eight-season major league career.